ZSEP vs. PJUL

Last updated Jun 3, 2026

ZSEP (Innovator Equity Defined Protection ETF - 1 Yr September) and PJUL (Innovator U.S. Equity Power Buffer ETF - July) are both Defined Outcome funds from Innovator. ZSEP is actively managed, while PJUL is passively managed. Over the past year, ZSEP returned 7.80% vs 15.92% for PJUL. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

ZSEP vs. PJUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) and Innovator U.S. Equity Power Buffer ETF - July (PJUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSEP achieves a 2.65% return, which is significantly lower than PJUL's 4.63% return.

ZSEP

• 1D: -0.02%
• 1M: 0.71%
• YTD: 2.65%
• 6M: 3.09%
• 1Y: 7.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJUL

• 1D: 0.10%
• 1M: 1.23%
• YTD: 4.63%
• 6M: 5.37%
• 1Y: 15.92%
• 3Y*: 13.91%
• 5Y*: 10.48%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSEP vs. PJUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	2.65%	6.78%	2.12%
PJUL Innovator U.S. Equity Power Buffer ETF - July	4.63%	12.78%	4.52%

Correlation

The correlation between ZSEP and PJUL is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.77

The correlation between ZSEP and PJUL has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

ZSEP vs. PJUL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZSEP

ZSEP Risk / Return Rank: 92
ZSEP Sharpe Ratio Rank: 90
ZSEP Sortino Ratio Rank: 94
ZSEP Omega Ratio Rank: 93
ZSEP Calmar Ratio Rank: 89
ZSEP Martin Ratio Rank: 94

PJUL

PJUL Risk / Return Rank: 88
PJUL Sharpe Ratio Rank: 85
PJUL Sortino Ratio Rank: 90
PJUL Omega Ratio Rank: 91
PJUL Calmar Ratio Rank: 83
PJUL Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZSEP vs. PJUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) and Innovator U.S. Equity Power Buffer ETF - July (PJUL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ZSEP	PJUL	Difference
Sharpe ratio Return per unit of total volatility	3.16	2.82	+0.33
Sortino ratio Return per unit of downside risk	4.85	4.27	+0.58
Omega ratio Gain probability vs. loss probability	1.66	1.61	+0.05
Calmar ratio Return relative to maximum drawdown	5.45	4.51	+0.94
Martin ratio Return relative to average drawdown	27.97	24.83	+3.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSEP vs. PJUL - Sharpe Ratio Comparison

The current ZSEP Sharpe Ratio is 3.16, which is comparable to the PJUL Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of ZSEP and PJUL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZSEP	PJUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.16	2.82	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.03	0.89	+1.14

Drawdowns

ZSEP vs. PJUL - Drawdown Comparison

The maximum ZSEP drawdown since its inception was -3.97%, smaller than the maximum PJUL drawdown of -18.17%. Use the drawdown chart below to compare losses from any high point for ZSEP and PJUL.

Drawdown Indicators

	ZSEP	PJUL	Difference
Max Drawdown Largest peak-to-trough decline	-3.97%	-18.17%	+14.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-3.64%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.69%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.36%	-1.47%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.66%	-0.38%

Volatility

ZSEP vs. PJUL - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) and Innovator U.S. Equity Power Buffer ETF - July (PJUL) have volatilities of 0.43% and 0.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSEP	PJUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	0.45%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	3.89%	-2.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	5.67%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	8.60%	-5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	10.03%	-6.73%

ZSEP vs. PJUL - Expense Ratio Comparison

Both ZSEP and PJUL have an expense ratio of 0.79%.

Dividends

ZSEP vs. PJUL - Dividend Comparison

Neither ZSEP nor PJUL has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PJUL Innovator U.S. Equity Power Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.82%
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZSEP and PJUL in my portfolio?

ZSEP and PJUL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSEP or PJUL?

PJUL has higher volatility (0.45%) compared to ZSEP (0.43%). In terms of maximum drawdown, ZSEP dropped -3.97% vs PJUL's -18.17%.

Which ETF is better, ZSEP or PJUL?

On 1-year performance, PJUL leads with 15.92% vs 7.80% for ZSEP. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSEP or PJUL?

Over the 1-year period, PJUL has performed better with a 15.92% return vs 7.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSEP or PJUL?

ZSEP and PJUL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, ZSEP or PJUL?

ZSEP and PJUL have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

ZSEP currently has the higher Sharpe Ratio (3.16 vs 2.82), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.